Financials EssilorLuxottica Société anonyme OTC Markets

Equities

ESLOY

US2972842007

Medical Equipment, Supplies & Distribution

Market Closed - OTC Markets Other stock markets 01:29:59 01/06/2024 am IST			5-day change	1st Jan Change
111.9 ^USD	+1.11%		-0.67%	+11.37%

31/05	ESSILORLUXOTTICA : Oddo BHF confirms its recommendation on the stock	CF
31/05	ESSILORLUXOTTICA : Gets a Buy rating from Goldman Sachs	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	58,784	55,649	82,608	75,236	81,962	92,807	-	-
Enterprise Value (EV) ¹	63,363	58,624	92,306	82,299	87,821	98,647	96,735	96,226
P/E ratio	55.7 x	671 x	57.1 x	35 x	35.7 x	34.6 x	30.4 x	27.4 x
Yield	1.64%	0.9%	1.34%	1.91%	2.18%	1.96%	2.15%	2.39%
Capitalization / Revenue	3.38 x	3.86 x	4.17 x	3.07 x	3.23 x	3.48 x	3.28 x	3.11 x
EV / Revenue	3.64 x	4.06 x	4.66 x	3.36 x	3.46 x	3.7 x	3.42 x	3.22 x
EV / EBITDA	12.8 x	16.7 x	16.8 x	11.6 x	12.3 x	14.3 x	12.9 x	12 x
EV / FCF	34.7 x	31.8 x	33.1 x	36.4 x	26.4 x	28.3 x	25 x	22.1 x
FCF Yield	2.88%	3.14%	3.02%	2.75%	3.79%	3.54%	4%	4.53%
Price to Book	1.69 x	1.72 x	2.34 x	2.01 x	2.1 x	2.34 x	2.25 x	2.16 x
Nbr of stocks (in thousands)	4,32,871	4,36,292	4,41,185	4,44,659	4,51,334	4,52,057	-	-
Reference price ²	135.8	127.6	187.2	169.2	181.6	205.3	205.3	205.3
Announcement Date	06/03/20	12/03/21	11/03/22	23/02/23	14/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,390	14,429	19,820	24,494	25,395	26,693	28,263	29,864
EBITDA ¹	4,933	3,510	5,488	7,085	7,150	6,921	7,485	8,031
EBIT ¹	2,812	1,374	3,027	4,115	4,178	4,539	5,046	5,532
Operating Margin	16.17%	9.52%	15.27%	16.8%	16.45%	17.01%	17.85%	18.52%
Earnings before Tax (EBT) ¹	1,534	313	2,200	3,032	3,035	3,903	4,471	5,034
Net income ¹	1,077	85	1,463	2,152	2,289	2,868	3,217	3,633
Net margin	6.19%	0.59%	7.38%	8.79%	9.01%	10.74%	11.38%	12.17%
EPS ²	2.440	0.1900	3.280	4.830	5.080	5.926	6.760	7.503
Free Cash Flow ¹	1,825	1,842	2,792	2,260	3,330	3,489	3,874	4,360
FCF margin	10.49%	12.77%	14.09%	9.23%	13.11%	13.07%	13.71%	14.6%
FCF Conversion (EBITDA)	37%	52.48%	50.87%	31.9%	46.57%	50.41%	51.75%	54.29%
FCF Conversion (Net income)	169.45%	2,167.06%	190.84%	105.02%	145.48%	121.67%	120.43%	120%
Dividend per Share ²	2.230	1.150	2.510	3.230	3.950	4.017	4.409	4.901
Announcement Date	06/03/20	12/03/21	11/03/22	23/02/23	14/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	8,614	6,230	8,199	8,768	5,465	5,587	11,052	5,607	6,387	11,994	6,394	6,106	12,500	6,151	6,700	12,851	6,294	6,250	12,544	6,314	6,950	13,371	6,646	6,597	13,318
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,810	-	-	-	-	-	-	-	-	-
EBIT	1,300	126	1,249	1,622	-	-	1,405	-	-	2,202	-	-	1,913	-	-	2,347	-	-	2,346	-	-	2,495	-	-	2,074
Operating Margin	15.09%	2.02%	15.23%	18.5%	-	-	12.71%	-	-	18.36%	-	-	15.3%	-	-	18.26%	-	-	18.7%	-	-	18.66%	-	-	15.57%
Earnings before Tax (EBT)	-	-460	773	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-412	-	-	-	-	-	-	-	1,174	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-6.61%	-	-	-	-	-	-	-	9.79%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	06/03/20	31/07/20	12/03/21	30/07/21	29/10/21	11/03/22	11/03/22	22/04/22	29/07/22	29/07/22	21/10/22	23/02/23	23/02/23	20/04/23	25/07/23	25/07/23	19/10/23	14/02/24	14/02/24	-	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,579	2,975	9,698	7,063	5,859	5,840	3,927	3,419
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9282 x	0.8476 x	1.767 x	0.9969 x	0.8194 x	0.8437 x	0.5247 x	0.4257 x
Free Cash Flow ¹	1,825	1,842	2,792	2,260	3,330	3,489	3,874	4,360
ROE (net income / shareholders' equity)	5.73%	2.35%	6.11%	7.89%	7.65%	8.33%	8.95%	9.52%
ROA (Net income/ Total Assets)	3.84%	1.5%	3.69%	4.77%	4.87%	5.4%	5.75%	6.05%
Assets ¹	28,059	5,658	39,681	45,138	47,041	53,109	55,944	60,056
Book Value Per Share ²	80.20	74.00	80.20	84.10	86.30	87.70	91.30	95.20
Cash Flow per Share ²	7.480	6.730	10.20	10.70	10.80	12.30	13.10	14.30
Capex ¹	903	650	1,030	1,572	1,531	1,613	1,649	1,692
Capex / Sales	5.19%	4.5%	5.2%	6.42%	6.03%	6.04%	5.83%	5.67%
Announcement Date	06/03/20	12/03/21	11/03/22	23/02/23	14/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for EssilorLuxottica Société anonyme

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

205.3 EUR

Average target price

206.9 EUR

Spread / Average Target

+0.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Glasses, Spectacles & Contact Lenses

	1st Jan change	Capi.
ALCON INC.	+22.39%	4.4TCr
THE COOPER COMPANIES, INC.	-0.30%	1.88TCr
AUTEK CHINA INC.	-20.50%	222.36Cr
WARBY PARKER INC.	+25.60%	210.51Cr
PEGAVISION CORPORATION	+19.17%	113.32Cr
MINGYUE OPTICAL LENS CO.,LTD.	-38.32%	72Cr
UNIVERSAL VISION BIOTECHNOLOGY CO., LTD.	-10.65%	64Cr
MENICON CO., LTD.	-44.53%	63Cr
SHANGHAI CONANT OPTICAL CO., LTD.	+57.22%	61Cr

Glasses, Spectacles & Contact Lenses